"I couldn't sleep at night because I was so worried about my mortgage and what was going to happen to me and my kids. I had been working two jobs to try to keep up on the mortgage payments since my divorce and there just didn't seem to be an end in sight. Then I lost one of the jobs when the place closed down. A friend of mine told me I was better off to do what I could to stop foreclosure before it started, so I contacted this place that I found online, 1st Foreclosure Prevention, and they gave me so much foreclosure help! I couldn't believe that they could be so nice and caring. They took it all off my shoulders and I was finally able to sleep. They saved my home from foreclosure."
"I was so stressed out in trying to figure out how I was going to stop foreclosure from happening to me that I actually had to see a doctor for stress. I struggled hard to buy my condo and wanted to keep my home and save my home from foreclosure. But it was getting difficult because the mortgage amount kept going up. I had an adjustable rate mortgage and the rate kept rising. On top of that, I lost my job and got behind in payments. I thought that this was it, I was not going to be able to stop foreclosure. Then I found 1st Foreclosure Prevention. They were able to stop foreclosure from happening to me and allow me to keep my condo. I am now all caught up, have a new job and happier than ever thanks to them."
"We called 1st Foreclosure Prevention right away because a friend of ours who went through foreclosure in Florida told us about them. We knew that the sooner we acted to stop foreclosure, the better our chances. They gave us a lot of help and we were able to prevent foreclosure. Their loss mitigation specialists were great, too. They knew the laws in our state better than we did and they also had a lot of options for us that we never would have considered. Thanks to them, we are much better off. We're glad our friend recommended them and now we will do the same for others."
"We were really behind on our mortgage and getting calls all of the time from the lender who wanted their money. We didn't know what to do and thought that we would have to go through a foreclosure. We knew that this happened to other people, but didn't think it would happen to us. But I had been sick for a while and off work. The medical bills took all of our savings and we even had to refinance to pay off the hospital. We contacted 1st Foreclosure Prevention and were really impressed with their service. They were able get the calls to stop as well as the foreclosure process while we worked with them on all of our options on what we wanted to do. We decided to sell our home and move on. Thanks to them, we have another home and are not struggling any more."
"We were in way over our heads with our property. We bought it high and when the market crashed, we were upside down with our mortgage. We were about to file for a bankruptcy when we found out about 1st Foreclosure Prevention online. We decided that at this point, we had nothing left to lose. We were already resigned that we were going to probably lose our home anyway and our credit would be shot. We are so happy that we called for a free foreclosure consultation from 1st Foreclosure Prevention and got the foreclosure help that we needed. We did not have to file bankruptcy and the loss mitigation experts were able to work out a deal with our bank. Now our credit is back to where it was before we bought the property - thanks to this company."
"When we found 1st Foreclosure Prevention, we were about to file bankruptcy. We thought it was the only way to stop the foreclosure process. We were so embarrassed at having to do this and didn't want our kids to even know. But we had to act right away if we wanted to stop foreclosure from happening to us. We had an adjustable rate mortgage that ballooned out of control and I lost my job. We had nothing to lose by getting the free foreclosure consultation from 1st Foreclosure Prevention. We were actually surprised at all of the choices we had to stop foreclosure. Thanks to them, we didn't have to file bankruptcy and are no longer in debt."
Home / Federal Government Foreclosure Assistance
Federal Government Foreclosure Assistance – The FHA Secure Program
If you are seeking government assistance to stop foreclosure, you may want to consider the FHA Secure Program. This is a new program that began in 2007 and was introduced by the Federal Housing Administration and President George W. Bush. It was designed to help homeowners who were struggling to pay their mortgage and who had rising interest rates on their mortgages.
As the interest rates began rising in 2005, many people who had purchased adjustable rate mortgages earlier were finding that they were unable to pay their new mortgage payments. The FHA Secure Program is for those who have an adjustable rate mortgage (ARM) and are in danger of facing foreclosure, this may be the foreclosure help that you need to stop foreclosure. If you have an adjustable rate mortgage, this may be the ideal foreclosure help program for you. Talk to your loss mitigation specialists about the FHA Secure Program to stop foreclosure.
How The FHA Secure Program Works To Stop Foreclosure
In order to stop foreclosure with the FHA Secure Program, you will work with FHA specialists to refinance your property into new loans from the FHA. The FHA Secure Program is actually a refinance of your current loan with an FHA loan to refinance adjustable rate mortgages.
In order to go through with this program, you have to go through the entire underwriting process in order to make sure that you qualify. The FHA Secure Program is a good way to stop foreclosure if you have an ARM mortgage and want a way to save your home from foreclosure and can still make payments on your mortgage if they are lowered a bit. You should review the qualifications before you talk to your FHA specialist about the FHA secure plan.
Qualifications To Stop Foreclosure With FHA Secure Program
You have to have an adjustable rate mortgage in order to apply for the FHA Secure Program. The loan should be a non FHA adjustable rate mortgage that includes hybrid ARMS, interest only loans that have been recast, open ARMs and other types of new adjustable rate mortgages that may have you in a bind because your monthly mortgage payments have changed to make it difficult for you to maintain your mortgage payments. Other qualifications to use this program include that you:
- The original loan not be an FHA loan;
- Your mortgage payments were current prior to the reset of the rate;
- Your mortgage payments were on time for six months prior to the reset;
- Proof of income to make new payments for new mortgage;
- A 41 percent or lower debt to income ratio;
- The minimum of 3 percent equity in your home;
- Rate has been reset or will be reset by December 31, 2008;
- The remaining loan balance is less than the conforming limit.
The new conforming limits have been set as of March 6, 2008 in accordance with this program. They are 125% of local medium home prices and the maximum limit of $729,750 is set that can be used for high cost metropolitan areas.
The FHA will be very forgiving if your delinquency in your mortgage was due to the rate increase. If, however, you are delinquency due to a hardship of some other nature, you will not qualify for the program to stop foreclosure.
Applying For FHA Secure Program To Stop Foreclosure
The first thing that you can do is to contact your FHA specialist to apply for the program. The FHA does not deal directly with homeowners. You can go through your FHA Specialist to get this type of foreclosure help.
Prior to applying, make sure that your loan does not have a prepayment penalty. If this is the case, you must include this in your loan balance and account for it. In most cases, there are no prepayment penalties for paying off the loan early.
If you have a home that is valued higher than that set by the FHA limit or if you owe more than the property is worth, you will have to get your lender to be agreeable to the short pay off or you can use a second mortgage to cover the difference in the balance. If your lender does not agree to this, you will not be eligible for the FHA Secure program.
If you are facing the foreclosure process, you may be able to get foreclosure help from the FHA Secure program if you have a non-FHA loan with an adjustable rate mortgage with payments that are too high for you to handle, although you manage to take care of them before the recasting, you may be able to stop foreclosure with the FHA Secure Program. Talk to your FHA Specialist today.
